This invention relates to trading systems particularly financial trading systems.
Electronic equity markets, such as The Nasdaq Stock Market® collect, aggregate and display pre-trade information to market participants. In The Nasdaq Stock Market, for example, this pre-trade information takes the form of a quote that represents a single (or an aggregate of same-priced) principal or agency orders. A market such as Nasdaq also provides trading platforms through which market participants may access liquidity indicated in the marketplace. On occasion a market participant will enter a quote which locks or crosses another quote in the market. Locked/crossed markets are not desireable for maintaining orderly markets.